A boost was observed in the memecoin market today following Robinhood’s announcement that two Solana-based tokens would be added to its platform. The prices of Moo Deng and Cat in a Dogs World increased after the listing news was made public, indicating that institutional interest in meme-based cryptocurrencies remains strong.
Robinhood Expands Into Memecoins with New Token Listings
The addition of Moo Deng and MEW by Robinhood has been viewed as a sign of the platform’s increased focus on the expanding memecoin sector. A gradual expansion of its cryptocurrency offerings has been undertaken by the trading platform as it moves away from the stricter regulatory stance that was enforced in 2023.
Moo Deng, a token derived from a viral baby pygmy hippo meme that gained traction in 2024, has had its market capitalization pushed to $230 million. A price surge of over 100% was recorded in May, and an additional 21% increase was observed within the past 24 hours following the announcement of Robinhood’s support.
MEW, which was introduced amid the surge of Solana-based memecoins in March 2024, has reached a market capitalization of $368 million. The cat-themed cryptocurrency recorded a 52% increase in value during May, followed by an additional gain of nearly 20% the previous day, reflecting strong investor interest in animal-themed digital assets.
Dogecoin has recently been added by the company, following the introduction of Pepe coin (PEPE) in November, which has continued to maintain substantial trading volume. More than 20 cryptocurrencies are now supported on the platform, marking a notable expansion after multiple tokens were previously delisted earlier this year amid regulatory ambiguity stemming from actions by the SEC during Gary Gensler’s tenure.
This development is taking place during a period in which cryptocurrencies are being approached with greater openness by the government, owing to recent shifts in the political landscape.
Moo Deng Displays Bullish Signals on Technical Charts
Bullish momentum has been indicated on Moo Deng’s technical charts, as the token was pushed above key resistance levels. As per CoinMarketCap data, Moo Deng was valued at $0.3074 at the time of writing, reflecting a surge of over 30% within the past 24 hours. Further resistance is expected at $0.3433, while support has been identified at $0.1716.
Mixed signals have been generated by technical indicators. A positive outlook on market sentiment has been reflected by the Social Sentiment oscillator, which has been recorded at 0.2321. However, the Relative Strength Index (RSI) at 55.26 has suggested that the token is approaching overbought territory. Additionally, potential consolidation has been indicated by the Moving Average Convergence Divergence (MACD), as the MACD and signal lines have been observed moving closer together.
A continuation of the upward trend in the near term has been signaled by the positioning of the EMA 20/50/100/200 indicators, where the shorter-term exponential moving averages have been observed to remain above the longer-term ones.
